GMAC

Not a pretty or quick affair but with enough persistence, anything eventually closes. Though my other recent GMAC short sale approvals have been incredibly fast, this one was of course the exception.

The problems began when GMAC insisted on pre-approving the short sale. As soon as we went on market they were out to do a BPO, which of course came in WAY TOO HIGH to begin with. So as soon as we stepped out of the gate, we were already in trouble. My efforts to dispute the BPO value went unheard, and so instead of a quick easy sale, we spent months waiting for the BPO to expire so we could get a new valuation ordered.

Unfortunately these months sent us into the dead of winter. We secured a buyer and inevitably the very next day the pipes burst and the…

I LOVE YOU GMAC! (Well, today anyway...)

Yes, I know, we've had a love and hate relationship over the years GMAC but I can see you've changed your ways now. Today you've topped the list as my new favorite. That title used to belong to Wells Fargo, but it just seems Wells isnt trying very hard anymore. Its been downhill with Wells for quite some time.

I know we had a hard time last year. We both remember Mr. X - that very nasty negotiator, dont we? You were great as usual...but he really soured our relationship for awhile.

But you've made it right again! It was just 9 days ago I got you a full package on my latest short sale seller. It's an FHA short sale. Now usually I expect that FHA takes a little longer than others...BUT NOT THIS TIME!…

A GMAC short sale approval in 10 days with Equator

GMAC has really stepped up their game in the past year. In the spring of 2010 GMAC moved all their short sale processing to Equator, following Bank of America's decision to do the same. GMAC's Equator platform is preferable to Bank of America's as there is less data input from the agent, and it seems the negotiators actually consider personal contact a priority, leading to a smoother process overall.

While getting the property under contract proved a challenge, once a buyer was secured, approval from GMAC came just 10 days later. Unfortunately, the buyers lender proved to be a complete mess and what could have been easy and simple never turns out to be so. Over 10 weeks of fumbling around…

Equator GMAC/Bank of America Short Sale -  Approved and Closed

A Manchester, Connecticut short sale: Equator is certainly not a perfect system. In this case we experienced one problem after another in Equator, turning what should have been a 3 week approval into a 3 month approval...

All started out well as my GMAC was ready to approve the file in just 3 weeks..on a Friday I spoke to the negotiator who promised me an approval letter by Monday morning. Unfortunately Monday morning GMAC moved all their short sale processing to Dallas and onto Equator. This could have been an easy adjustment, but of course - nothing is ever easy when it comes to short sales. It took the new negotiator about 6 more weeks to get back on track and finally issue the…

Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!

OWED:

GMAC Serviced Freddie Mac 1st Mortgage: $150,000

GMAC Serviced Ditech 2nd Mortgage: $30,000

SOLD:

$132,000: Both approvals - FULL DEBT SATISFACTION.

This short sale was a breeze. Finding a buyer took slightly longer than expected as the market was falling a little faster than anticipated, however 8 weeks after listing we secured a strong buyer. As with most sales as of late, closing by 6/30  to get the buyer first time homebuyer credit put additional pressure to get it done FAST.

A package went to GMAC and Ditech immediately...and with constant pressure on the lenders to get it done, GMAC ordered their appraisal right away...the negotiator was on the ball, and just 2.5…